TrustLaw Training: Social Enterprise & Impact Investing

12 September 2017 | 13 September 2017
Orrick, Herrington & Sutcliffe LLP , 51 W 52nd St , New York, NY 10019

Date & Time

  • 12 September 2017
    8:30 - 14:00
  • 13 September 2017
    8:30 - 15:00


  • Orrick, Herrington & Sutcliffe LLP
    51 W 52nd St
    New York, NY 10019

On 12-13 September 2017, the TrustLaw team and social innovation experts will run a two half-day, CLE accredited Social Enterprise and Impact Investing Training in New York City.

This course will explore key legal issues and trends in the social innovation space and provide lawyers and other professionals with the skills they need to advise the different stakeholders in the sector. It is a first-of-its-kind course to combine hands-on legal training with practical case studies and excellent networking opportunities.

Upon completion of the training, participants should be able to:

  • Understand the shape of the social economy in the U.S. and how the U.S. has positioned itself as a leading player in this space globally.
  • Advise on the appropriate business structure for different social enterprises and on different mechanisms to lock social mission into business activities.
  • Recognize the key legal issues facing social entrepreneurs to help ensure agreements and commercial documentation reflect the financial and social realities of this rapidly growing sector.
  • Have a clear understanding of innovative tools and mechanisms used to inject capital into socially focused businesses, including social impact bonds, crowdfunding and impact investment funds.
  • Design and structure investment transactions using innovative impact terms and approaches to align investors with varying financial return and impact objectives.

Participants will become part of a community of practice that facilitates the sharing of lessons learned and best practices in the realm of social entrepreneurship and impact investing. Additionally, upon completion of the course, attendees may be given the opportunity to participate in related pro bono projects through TrustLaw, enabling them to apply the skills and knowledge gained to real-life matters.


This course is approved for 8-10 CLE credits in California, New York, New Jersey and Pennsylvania. Credits issued will be based upon verified attendance and applicable rules.


Half-Day - $250 | Full Course - $400

Breakfast, lunch, and drinks reception included. Group discounts are available. NGOs and social enterprises are entitled to a reduced rate. For more information, please contact Carolina Henriquez-Schmitz.

The cost of the course goes to support the work of the Thomson Reuters Foundation’s global pro bono service, TrustLaw, which connects the world’s leading legal teams to provide free legal assistance to NGOs and social enterprises working for social and environmental change.


  • Social Enterprise

    The first half-day of the course is designed to provide participants with a big picture market overview of the social enterprise space in the United States and beyond. Three topics, ranging in format from lectures to interactive workshops, will give attendees a thorough overview of the market, structuring options, and the key legal challenges that arise for lawyers and other professionals serving this space.

    8:00 – 8:30 | Registration & Breakfast

    8:30 – 8:50 | Keynote Address

    8:50 – 9:10 | Opening Address: State of the Social Enterprise Sector

    A market overview of the social enterprise sector in the U.S. and beyond, including definitions of social enterprise, key terminology and key debates.

    Speaker: Dana Brakman Reiser, Professor of Law, Brooklyn Law School

    9:10 – 9:30 | Lecture: Structuring Social Enterprises and Protecting Social Mission

    Understand the range of different structures available to social enterprises and the practical advantages and challenges of each. This session will also discuss protecting the social mission of "profit with purpose" businesses and the different legal mechanisms to lock in social purpose.

    Speaker: Susan Mac Cormac, Partner, Morrison & Foerster LLP

    9:30 – 9:45 | Break

    9:45 – 10:45 | Panel: Where Mission Meets Form: What Legal Structures Social Entrepreneurs Choose and Why

    A panel discussion that will provide insight into different legal structures chosen by social entrepreneurs and the impact it has on achieving social mission, to separate the hype from the practical utility of the new forms.

    Moderator: Susan Mac Cormac, Partner, Morrison & Foerster LLP

    Speakers: Frederick Alexander, Head of Legal Policy, B Lab; Allen Bromberger, Partner, Perlman & Perlman; Jonathan Ng, Attorney Advisor, USAID

    10:45 – 12:00 | Workshop – Structuring & Locking in Social Mission

    This interactive session will build on the previous sessions, and allow participants to practice advising social entrepreneurs on the right structure and how to lock in social mission based on case studies.

    12:00 – 12:15 | Networking Break

    12:15 – 13:15 | Through the Eyes of a Social Entrepreneur

    Overview of the key legal challenges faced by new social businesses including shareholder agreements, intellectual property, privacy policies, and employee issues. The session will include an interactive panel in which featured social enterprises will share practical lessons about real-life legal issues encountered.

    Moderator: Perry Teicher, Impact Finance Attorney, Orrick, Herrington & Sutcliffe LLP

    Speakers: Margot Brandenburg, Founder and CEO, MyStrongHome; Cynthia Koenig, CEO, Wello; Cara Schembri, VP and Deputy General Counsel, Etsy Inc.; Rahama Wright, President & CEO, Shea Yeleen

    13:15 – 15:00 | Lunch: Networking & Social Enterprise Expo

    Lunch expo to showcase interesting developments in social entrepreneurship from around the world. Meet some of the most innovative social enterprises and check out their products and services. Expo participants include: IssueVoter, Keheala, NaTakallam, Nomi Network, Vera Solutions and more!

    Accompanying the lunch expo will be an Optional Session on Legal and Investment Readiness for Social Enterprises. The session will explore the range of legal and business considerations social enterprises need to address in gearing up to access financing. From corporate governance, to employment and intellectual property, we will share guidance, case studies and resources in a highly interactive session.

    Speaker: Jennifer Barnette, Associate, Cooley

  • Impact Investing

    The second half-day of the course will deep dive into the social finance space, bringing the legal perspective to topics including impact investment fund structures, innovative financing mechanisms and structuring investments for impact.

    8:00 – 8:30 | Registration & Breakfast

    8:30 – 8:50 | Keynote Address

    Ross Baird, President, Village Capital Group

    8:50 – 9:10 | Opening Address: State of the Social Finance Sector

    A market overview of the social investment space in the U.S., covering facts and figures on the size of the market, review of the "big players", and identification of key gaps, challenges and opportunities to move the market forward.

    Speaker: Joe Wilson, Senior Advisor on Innovative Finance, Center for Accelerating Innovation and Impact, USAID

    9:10 – 9:30 | Lecture: Impact Investing and Impact Investment Funds

    Lecture on the legal structuring of social impact funds and how the differing needs and requirements of social investors are reflected in a fund.

    Speaker: R. Todd Johnson, Founder and CEO, iPAR

    9:30 – 9:45 | Break

    9:45 – 10:45 | Panel: Structuring Impact Investments and Impact Terms

    Key fund managers and financial intermediaries discuss how they structure their funds, and how to strike the right balance between social and financial returns. The session will explore the innovative investment terms and alternative structures they use to create more impact and better returns.

    Moderator: R. Todd Johnson, Founder and CEO, iPAR

    Speakers: Brian Trelstad, Partner, Bridges Fund Management; Lynn Roland, General Counsel, Acumen; Maria Santos Valentin, General Counsel, Soros Economic Development Fund; Adam Wolfensohn, Co-Managing Partner, Encourage Capital

    10:45 – 12:00 | Workshop: Investment Terms - Structuring for Impact

    Interactive workshop where participants will practice drafting a custom financing term sheet designed to preserve social mission and will advise social impact companies and impact investors on how to strike the right balance between social and financial returns.

    12:00 – 12:15 | Break

    12:15 – 13:15 | Discussion: Innovative Financing Models

    A broad look at innovative finance mechanisms that mobilize private sector capital in new and more efficient ways to deliver positive social, economic, and environmental outcomes. The session will also discuss gaps in the market and explore future perspectives on the space.

    Moderator: Deborah Burand, Faculty Co-Director, Grunin Center on Law and Social Entrepreneurship

    Speakers: Navjeet Bal, Vice President and General Counsel, Social Finance; Georgia Levenson Keohane, Executive Director, Pershing Square Foundation

    13:15 – 15:00 | Closing Luncheon and Global Perspectives on the Future of Social Enterprise and Impact Investing Panel

    Closing luncheon and lively discussion with leading social innovators that will provide insight into new approaches taken to support social enterprise and impact investing around the world.

    Speakers: Rehana Nathoo, Vice President of Social Innovation, Case Foundation; Veronica Olazabal, Director, Measurement, Evaluation and Organizational Performance, The Rockefeller Foundation; Stuart Yasgur, Managing Director of Social Financial Services, Ashoka


  • Frederick Alexander

    Head of Legal Policy, B Lab
  • Ross Baird

    President, Village Capital Group
  • Navjeet Bal

    Vice President and General Counsel, Social Finance
  • Jennifer Barnette

    Associate, Cooley
  • Dana Brakman Reiser

    Professor of Law, Brooklyn Law School
  • Margot Brandenburg

    Founder and CEO, MyStrongHome
  • Allen Bromberger

    Founding Partner, Bromberger Law
  • Deborah Burand

    Co-Director of the Grunin Center for Law and Social Entrepreneurship, NYU Law
  • R. Todd Johnson

    Founder & CEO, iPar
  • Cynthia Koenig

    Founder and CEO, Wello
  • Georgia Levenson Keohane

    Executive Director, Pershing Square Foundation
  • Susan H. Mac Cormac

    Partner, Morrison & Foerster
  • Alissa Moore-Williams

    Co-Founder and COO, Nomi Network
  • Rehana Nathoo

    Vice President of Social Innovation, Case Foundation
  • Jonathan Ng

    Attorney Advisor, USAID
  • Veronica Olazabal

    Director, Measurement, Evaluation and Organizational Performance, The Rockefeller Foundation
  • Lynn Roland

    General Counsel, Acumen
  • Maria Santos Valentin

    Secretary and General Counsel, Soros Economic Development Fund
  • Cara Schembri

    VP and Deputy General Counsel, Etsy, Inc.
  • Perry Teicher

    Impact Finance Attorney, Orrick
  • Brian Trelstad

    Partner, Bridges Fund Management
  • Joe Wilson

    Senior Advisor on Innovative Finance, USAID
  • Adam Wolfensohn

    Co-Managing Partner, Encourage Capital
  • Rahama Wright

    President & CEO, Shea Yeleen
  • Stuart Yasgur

    Vice President and Head of Social Financial Services, Ashoka


  • The Grunin Center for Law and Social Entrepreneurship —the first center of its kind at a law school—is an emerging global leader in the field of law and social entrepreneurship. The Grunin Center is advancing a global movement that creates new ways for law and lawyers to drive positive change in the world.

    The mission of the Grunin Center is to enhance the community of lawyers and legal institutions engaged in social entrepreneurship and impact investing and to accelerate their effective participation in these fields. To fulfill this mission, the Grunin Center educates students and practicing lawyers about legal issues in social entrepreneurship and impact investing; disseminates knowledge, resources and research about legal issues and policy developments in these fields; and collaborates with other field-building organizations, universities and research centers. 

  • Orrick was the first global law firm to establish an Impact Finance & Social Enterprise practice and is proud to be advising a broad range of innovative investors, companies and government parties in this rapidly emerging space. Our Impact Finance & Social Enterprise team, located in our offices throughout the U.S, Europe, Africa, and Asia, provides a wide range of legal services to clients seeking to achieve positive social and environmental impact alongside financial returns.

    We serve as counsel to impact investment funds, assist social enterprises (including hybrids and newly authorized corporate forms such as the benefit corporation) with formation and financing, and advise foundations, governments, multilateral organizations, NGOs and intermediaries in domestic and cross-border transactions. As demand for impact investment opportunities continues to grow, so too has our expertise and capacity to represent and advise clients on these cutting edge transactions and business ventures.

    We were the first global law firm to become a member of the GIIN, and we have been recognized by the Financial Times for our Impact Finance practice and as one of the Top 10 Most Innovative North American Law Firms for the past five consecutive years. We pride ourselves on our ability to assist clients in finding solutions to the unique and complex legal issues that arise in the impact investing and social enterprise context.

  • For over two decades, Morrison & Foerster has cultivated a cutting-edge legal practice supporting social enterprises, mainstream companies aiming to make an impact, and the full range of impact investors.

    We regularly advise social enterprises as they structure their companies to maximize impact and guide all types of impact investors – from those that focus on impact first to those that prioritize returns while striving for impact –in structuring funds and investments.

    Our attorneys drafted the first new corporate form, California’s Social Purpose Corporation (SPC), now also the Public Benefit Corporation (PBC) in Delaware, and have been on the forefront of the movement toward integrated reporting to ensure that ESG factors are measured and reported to investors in the same way as financial returns.

    Our team shares a dedication to impactful change and work closely with clients to align social and environmental considerations with smart business strategies.

  • Holland & Knight is a global law firm with more than 1,200 lawyers and other professionals in 28 offices throughout the United States, Mexico, Columbia and the United Kingdom. Our lawyers provide representation in litigation, business, real estate and governmental law.

    Holland & Knight has a long tradition of public service. The firm's commitment to pro bono work and community service was led by the late Chesterfield Smith, the firm's founder and chairman emeritus. Holland & Knight's Public and Charitable Service Department integrates the firm’s global pro bono, community service and charitable giving initiatives to make deep investments in communities in need.

    Our signature efforts include a focus on Veterans and the Military, Social Entrepreneurship, Civil Rights, Human Rights and Children and Education. Our firm is proud to provide legal, organizational and financial assistance to these positive forces for social change. To learn more, please visit:


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